Analysts Set Average Target Price of $10.50 for Iovance Biotherapeutics

Shares of Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) have received a consensus recommendation of “Hold” from the fifteen ratings firms currently covering the company, according to MarketBeat. The average target price among analysts for the next twelve months is set at $10.50, with two analysts issuing sell ratings, seven recommending a hold, and six suggesting a buy.

Recent analyst reports have influenced the stock’s outlook. On October 8, 2023, Weiss Ratings reaffirmed a “sell (e+)” rating for Iovance. Meanwhile, Wells Fargo & Company adjusted its target price from $18.00 to $14.00, maintaining an “overweight” rating. Similarly, Chardan Capital reduced its target from $20.00 to $17.00 while keeping a “buy” rating. In a contrasting move, Barclays increased its price target from $4.00 to $9.00 and affirmed an “overweight” rating.

Financial Performance and Forecast

On November 6, 2023, Iovance Biotherapeutics reported its quarterly earnings, revealing an earnings per share (EPS) of ($0.25), which surpassed the consensus estimate of ($0.29) by $0.04. The company generated revenue of $67.46 million, falling short of the expected $76.20 million. Iovance’s financials indicate a troubling negative net margin of 158.78% and a negative return on equity of 55.24%. Analysts predict the company will report an EPS of ($1.24) for the current fiscal year.

Institutional Holdings and Investor Activity

Recent trading activity shows notable shifts in institutional holdings of Iovance Biotherapeutics. Vanguard Group Inc. increased its stake by 0.9% during the first quarter, now owning 27,777,778 shares valued at approximately $92.5 million. Additionally, Invenomic Capital Management LP boosted its investment by 27.1% in the third quarter, acquiring 2,246,945 shares for a total of $22.87 million.

Other significant increases in holdings include Long Focus Capital Management LLC, which grew its share count by 80.2% in the first quarter, and Palo Alto Investors LP, which raised its stake by 122.1% in the third quarter. Overall, institutional investors and hedge funds own 77.03% of Iovance Biotherapeutics’ stock.

Iovance Biotherapeutics is a commercial-stage biotechnology company focused on developing and commercializing cell therapies, particularly using autologous tumor infiltrating lymphocyte technology for the treatment of metastatic melanoma and other solid tumors. Its products include Amtagvi, an immunotherapy for adult patients with unresectable or metastatic melanoma, and Proleukin, an interleukin-2 product for patients with metastatic renal cell carcinoma.

As the company navigates a challenging financial landscape, analysts and investors will be closely monitoring further developments in Iovance Biotherapeutics’ performance and strategic initiatives.